Prudential (SGX:K6S)'s 1H24 VNB (value of new business) rose 8% y-o-y to US$1.5bn, missing teen growth expectations mainly from soft HK and China sales momentum
Adjusted operating profit rose by 9% y-o-y to US$1.5bn, a small beat of 3%, benefiting from its asset management arm’s strong growth
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Investment Thesis
Well-positioned to capture structural life insurance opportunities in the fast-growing Asian market. Markets with Prudential’s footprints are growing twice as fast as the rest of the world; the rapidly rising middle-class population in Asia is expected to increase the awareness and demand for protection and wealth management solutions.
We believe Prudential is well positioned to capture the structural life insurance opportunities in the fast-growing Asian market by leveraging its market leadership across Asia and Africa and productive multi-distribution channels in four focused regions: Greater China, ASEAN, India, and Africa.
Ambitious targets to 2027.
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Its organisational model is reshaped to empower local market CEOs and enhance group-wide technology platforms and high-performance culture.
VNB to recover 2H24F and onward.
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Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
